XRP, after weathering years of legal turmoil and FUD, is regaining strength, reclaiming its position as the third-largest cryptocurrency and nearing its all-time high of $3.40.
XRP Eyes Breakout into New Peaks
According to market analyst Adex crypt, 'XRP is eyeing a breakout into price discovery territory, something we haven’t seen since 2017. If it clears the all-time high, things could get very interesting.' XRP has reclaimed the psychological price of $3, which might indicate the start of a new price discovery phase, similar to what was seen 8 years ago.
Reasons for XRP’s Proximity to ATH
XRP has overtaken Tether (USDT) to become the third-largest cryptocurrency by market cap. Currently trading at $3.24, it is just 4.9% shy of its all-time high of $3.40 set in January 2018.
Market and Analysts Support Growth
XRP's recent rise was supported by breaking above the key psychological price of $3, linked to tight consolidation between $2.85–$2.93. Significant interest from institutional investors is also influencing market dynamics, noting over 2.2 billion XRP acquired by whale wallets worth approximately $6.6 billion. Additionally, open interest in XRP derivatives has swelled to approximately $9.25 billion. Anticipation for the ProShares XRP Futures ETF on July 18 is generating further excitement.
XRP's breakout above $3, backed by robust technical patterns and institutional purchases, paves the way toward the historical maximum of $3.40. If the current momentum holds, a rapid ascent through $4 and beyond seems increasingly plausible, though short-term retracements should not be disregarded.
